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    <link:label id="lab_peb_Groundleasepercentagerentonretailandparkingrevenues_3EACDEF45961D55270783C6AD846648C_terseLabel_en-US" xlink:label="lab_peb_Groundleasepercentagerentonretailandparkingrevenues_3EACDEF45961D55270783C6AD846648C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ground lease percentage rent on retail and parking revenues</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_E047577ECD21F5319768B7E75B48CF07" xlink:type="locator" />
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    <link:label id="lab_us-gaap_ShareBasedCompensation_1966DAC9237597C9ADC7B7E75B48B19F_verboseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensation_1966DAC9237597C9ADC7B7E75B48B19F" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Share-based compensation</link:label>
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_245BDBCC258F885861A2B7E75B485821_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_245BDBCC258F885861A2B7E75B485821" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by (used in) operating activities</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_245BDBCC258F885861A2B7E75B485821_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_245BDBCC258F885861A2B7E75B485821" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_245BDBCC258F885861A2B7E75B485821" xlink:type="locator" />
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_70FCA6527CDA87E93759B7E75B48CDD6_verboseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_70FCA6527CDA87E93759B7E75B48CDD6" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Investing activities:</link:label>
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    <link:label id="lab_us-gaap_PaymentsToAcquireCommercialRealEstate_E84E588D084B241735CEB7E75B48B9B6_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireCommercialRealEstate_E84E588D084B241735CEB7E75B48B9B6" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Acquisition of hotel properties</link:label>
    <link:label id="lab_us-gaap_PaymentsToAcquireCommercialRealEstate_E84E588D084B241735CEB7E75B48B9B6_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireCommercialRealEstate_E84E588D084B241735CEB7E75B48B9B6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to Acquire Commercial Real Estate</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireCommercialRealEstate" xlink:label="loc_us-gaap_PaymentsToAcquireCommercialRealEstate_E84E588D084B241735CEB7E75B48B9B6" xlink:type="locator" />
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    <link:label id="lab_us-gaap_PaymentsForCapitalImprovements_8B670643DA4BE2301D10B7E75B481C7A_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForCapitalImprovements_8B670643DA4BE2301D10B7E75B481C7A" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Improvements and additions to hotel properties</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsForCapitalImprovements" xlink:label="loc_us-gaap_PaymentsForCapitalImprovements_8B670643DA4BE2301D10B7E75B481C7A" xlink:type="locator" />
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    <link:label id="lab_us-gaap_PaymentsForProceedsFromDepositsOnRealEstateAcquisitions_AFED0204000222330F27B7E75B48F79E_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromDepositsOnRealEstateAcquisitions_AFED0204000222330F27B7E75B48F79E" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Deposit on hotel properties</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsForProceedsFromDepositsOnRealEstateAcquisitions" xlink:label="loc_us-gaap_PaymentsForProceedsFromDepositsOnRealEstateAcquisitions_AFED0204000222330F27B7E75B48F79E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForProceedsFromDepositsOnRealEstateAcquisitions_AFED0204000222330F27B7E75B48F79E" xlink:to="lab_us-gaap_PaymentsForProceedsFromDepositsOnRealEstateAcquisitions_AFED0204000222330F27B7E75B48F79E" xlink:type="arc" />
    <link:label id="lab_us-gaap_ProceedsFromSaleAndCollectionOfNotesReceivable_72B262600A5B08EDCAC5B7E75B528AA9_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleAndCollectionOfNotesReceivable_72B262600A5B08EDCAC5B7E75B528AA9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Receipt from note receivable</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromSaleAndCollectionOfNotesReceivable" xlink:label="loc_us-gaap_ProceedsFromSaleAndCollectionOfNotesReceivable_72B262600A5B08EDCAC5B7E75B528AA9" xlink:type="locator" />
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    <link:label id="lab_us-gaap_PaymentsToAcquireProductiveAssets_B6879EF93C7759610BB2B7E75B527AD4_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireProductiveAssets_B6879EF93C7759610BB2B7E75B527AD4" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Purchase of corporate office equipment, computer software, and furniture</link:label>
    <link:label id="lab_us-gaap_PaymentsToAcquireProductiveAssets_B6879EF93C7759610BB2B7E75B527AD4_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireProductiveAssets_B6879EF93C7759610BB2B7E75B527AD4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to Acquire Productive Assets</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireProductiveAssets" xlink:label="loc_us-gaap_PaymentsToAcquireProductiveAssets_B6879EF93C7759610BB2B7E75B527AD4" xlink:type="locator" />
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    <link:label id="lab_us-gaap_IncreaseDecreaseInRestrictedCash_D6DD0F6C70C0F69599E4B7E75B520E86_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInRestrictedCash_D6DD0F6C70C0F69599E4B7E75B520E86" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Restricted cash, net</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInRestrictedCash" xlink:label="loc_us-gaap_IncreaseDecreaseInRestrictedCash_D6DD0F6C70C0F69599E4B7E75B520E86" xlink:type="locator" />
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    <link:label id="lab_us-gaap_ProceedsFromInsuranceSettlementInvestingActivities_17EDBE6948CB395BB570B7E75B52CA11_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromInsuranceSettlementInvestingActivities_17EDBE6948CB395BB570B7E75B52CA11" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property insurance proceeds</link:label>
    <link:label id="lab_us-gaap_ProceedsFromInsuranceSettlementInvestingActivities_17EDBE6948CB395BB570B7E75B52CA11_label_en-US" xlink:label="lab_us-gaap_ProceedsFromInsuranceSettlementInvestingActivities_17EDBE6948CB395BB570B7E75B52CA11" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Insurance Settlement, Investing Activities</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromInsuranceSettlementInvestingActivities" xlink:label="loc_us-gaap_ProceedsFromInsuranceSettlementInvestingActivities_17EDBE6948CB395BB570B7E75B52CA11" xlink:type="locator" />
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_A4EBDF1A9C4339D5C90FB7E75B527419_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_A4EBDF1A9C4339D5C90FB7E75B527419" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by (used in) investing activities</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_A4EBDF1A9C4339D5C90FB7E75B527419_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_A4EBDF1A9C4339D5C90FB7E75B527419" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_A4EBDF1A9C4339D5C90FB7E75B527419" xlink:type="locator" />
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    <link:label id="lab_us-gaap_RepaymentsOfLinesOfCredit_F606EB21434EC7D2B8CFB7E75B527007_negatedLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfLinesOfCredit_F606EB21434EC7D2B8CFB7E75B527007" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Repayments under senior credit facility</link:label>
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    <link:label id="lab_peb_WestinGaslampQuarterMember_9728DA5F794CADCCBA36B302BB4B907F_terseLabel_en-US" xlink:label="lab_peb_WestinGaslampQuarterMember_9728DA5F794CADCCBA36B302BB4B907F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Westin Gaslamp Quarter [Member]</link:label>
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